ProShare Advisors LLC Boosts Holdings in Arista Networks, Inc. (NYSE:ANET)

ProShare Advisors LLC grew its position in Arista Networks, Inc. (NYSE:ANET) by 6.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,774 shares of the technology company’s stock after purchasing an additional 3,027 shares during the quarter. ProShare Advisors LLC’s holdings in Arista Networks were worth $17,795,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. FCG Investment Co grew its position in Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the last quarter. Old Port Advisors raised its stake in Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after acquiring an additional 32 shares during the last quarter. Fortitude Family Office LLC lifted its position in Arista Networks by 33.3% during the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after acquiring an additional 33 shares during the period. Resonant Capital Advisors LLC grew its stake in Arista Networks by 4.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC increased its holdings in shares of Arista Networks by 2.1% in the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after purchasing an additional 37 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the transaction, the director now owns 52,946 shares in the company, valued at approximately $18,686,231.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the sale, the director now owns 52,946 shares in the company, valued at approximately $18,686,231.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock valued at $38,024,123 over the last ninety days. Insiders own 3.54% of the company’s stock.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $385.57 on Tuesday. The firm has a fifty day moving average of $342.05 and a 200 day moving average of $317.63. The firm has a market cap of $120.82 billion, a PE ratio of 53.70, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $390.00.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $1.41 EPS. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ANET shares. Morgan Stanley lifted their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a report on Wednesday, July 31st. UBS Group raised their target price on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Evercore ISI reaffirmed an “outperform” rating and issued a $400.00 price target on shares of Arista Networks in a report on Friday, September 13th. Finally, Rosenblatt Securities lifted their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $358.63.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.